(Solved Homework): Practice recording general journal entries for various ordinary transactions: Record the purchase of supplies, $400. Pay the…

Practice recording general journal entries for various ordinary transactions 1. Record the purchase of supplies, $400. 2. Pay the payroll, $4,000 3. Sell shares of common stock, $6,000 4. Borrow money from the bank-signing a 3-year note payable for 5. Pay 6. Purchase Equipment, $20,000 7. Record sales of merchandise on account, $700. 8. Record cash sales of merchandise, $500. 9. Record the receipt of a utility bill for $1,800-the bill is not due for 3 weeks and wont be $8,500. back the money for a note payable, borrowed from a bank, $9,000, plus $300 interest. paid until it is due. Paid $2,000 for inventory purchased on account last month. 10.

Practice recording general journal entries for various ordinary transactions: Record the purchase of supplies, $400. Pay the payroll, $4,000. Sell shares of common stock, $6,000 Borrow money from the bank-signing a 3-year note payable for $8,500. Pay back the money for a note payable, borrowed from a bank, $9,000, plus $300 interest. Purchase Equipment, $20,000 Record sales of merchandise on account, $700. Record cash sales of merchandise, $500. Record the receipt of a utility bill for $1,800-the bill is not due for 3 weeks and won’t be $8,500. paid until it is due. Paid $2,000 for inventory purchased on account last month.

Expert Answer

The following are the required journal entries:

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1	Supplies a/c	$400
	………..To Cash a/c		$400
	(Being supplies purchased assumed to be for cash)
2	Payroll payable a/c	$4,000
	……….To Cash a/c		$4,000
	(being payment of payroll made in cash now)
3	Cash a/c	$6,000
	………To Common stock a/c		$6,000
	(being shares of common stock sold for cash)
4	Cash a/c	$8,500
	……………….To 3-year note payable		$8,500
	(being cash received for signing a 3-year note payable)
5	Note payable a/c	$9,000
	Interest expense a/c	$300
	………..To Cash a/c		$9,300
	(being cash paid for notes payable along with interest)
6	Equipment a/c	$20,000
	………….To cash a/c		$20,000
	(being equipment purchased , assumed to be a cash purchase)
7	Accounts receivable a/c	$700
	……..To Sales revenue a/c		$700
	(being sales made on account recorded by debiting accounts receivable)
8	Cash a/c	$500
	……….To Sales revenue a/c		$500
	(being cash sales recorded)
9	Utilities expense a/c	$1,800
	………..To utilities payable a/c		$1,800
	(being bill for utilities received now, but payment to made after 3 weeks, so Utilities payable is credited)
10	Accounts payable a/c	$2,000
	………To Cash a/c		$2,000
	(being cash paid for inventory purchased on account, which means accounts payable will be debited and cash will be credited)

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